Athens Institute for Education and Research

Athens Institute for Education and Research Social Sciences Research Division Economics Research Unit

8th Annual International Symposium on Economic Theory, Policy and Applications 22-25 July 2013, Athens, Greece PROGRAM

Conference Venue: St George Lycabettus, 2 Kleomenous Street, 10675 Kolonaki, Athens, Greece. ORGANIZING AND SCIENTIFIC COMMITTEE

1. Dr. Gregory T. Papanikos, President, ATINER. 2. Dr. John Roufagalas, Head, Economics Research Unit, ATINER & Professor of Economics, Troy University, USA. 3. Dr. Chris Sakellariou, Vice President of Finance, ATINER & Associate Professor of Economics, Nanyang Technological University, Singapore. 4. Dr. Nicholas Pappas, Vice-President of Academics, ATINER & Professor, Sam Houston University, USA. 5. Dr. George Poulos, Vice-President of Research, ATINER & Emeritus Professor, University of South Africa, South Africa. 6. Dr. Peter Koveos, Head, Accounting & Finance Research Unit, ATINER & Professor, Syracuse University, USA. 7. Dr. Sharon Claire Bolton, Head, Management Research Unit, ATINER & Professor of Organizational Analysis - Head, The Management School, University of Stirling, UK. 8. Dr. Cleopatra Veloutsou, Head, Marketing Research Unit, ATINER & Senior Lecturer in Marketing, Department of Business and Management, University of Glasgow, Scotland. 9. Dr. Paul Contoyannis, Head, Health Research Unit, ATINER & Associate Professor, McMaster University, Canada. 10. Dr. Zoe Boutsioli, Deputy Head, Health Research Unit, ATINER & Instructor, Open University of Greece. 11. Dr. Valia Kasimati, Head, Tourism Research Unit, ATINER & Researcher, Bank of Greece. 12. Dr. Angelos Tsaklanganos, Professor, Neapolis University, Cyprus & Emeritus Professor, Aristotle University of Thessaloniki, Greece. 13. Ms. Lila Skountridaki, Researcher, ATINER & Ph.D. Student, University of Strathclyde, U.K. 14. Mr. Vasilis Charalampopoulos, Researcher, ATINER & Ph.D. Student, University of Stirling, U.K.

Administration

Fani Balaska, Stavroula Kiritsi, Eirini Lentzou, Konstantinos Manolidis, Katerina Maraki & Celia Sakka

2 C O N F E R E N C E P R O G R A M (The time for each session includes at least 10 minutes coffee break) Monday 22 July 201 3 08:30-09:15 Registration 09:15-09:30 Welcome and Opening Remarks  Dr. Gregory T. Papanikos, President, ATINER.  Dr. John Roufagalas, Head, Economics Research Unit, ATINER & Professor, Troy University, USA. 09:30-11:00 Session I (Room A): Growth Issues I Chair: Gregory T. Papanikos, President, ATINER. 1. Chrysost Bangake, Associate Professor, Artois University, France & Jude Eggoh, Professor, Artois University, France. A Reexamination of the Financial Development-Growth Nexus in Presence of Structural Breaks: The African Countries Experience. 2. *Christian Dreger, Research Director, DIW Berlin, Germany, Hans-EggertReimers, University of Applied Sciences, Wismar, Germany. Does Euro Area Membership Affect the Relation between GDP Growth and Public Debt? 3. Felicitas Nowak-Lehmann, Researcher, University of Goettingen, Germany, AgnieszkaGehringer, Professor, University of Goettingen, Germany &Inmaculada Martinez-Zarzoso, Professor, University of Goettingen, Germany.The Determinants of Total Factor Productivity in the EU: Insights from Sectoral Data. 4. Shunsuke Shinagawa, Research Associate, Waseda University, Japan & Tomohiro Inoue, Assistant Professor, Waseda University, Japan. Indeterminacy in an R&D-Based Endogenous Growth Model with Nominal Wage Stickiness.

11:00-12:30 Session II (Room A): Development Economics 11:00-12:30 Session III (Room B): Education Economics Chair: *Christian Dreger, Research Director, DIW Berlin, Germany. Chair: Vasileios Vlaseros, PhD Student, University of Edinburgh, UK. 1. Ying Ying Lee, Student, Sunway University, Malaysia, Derek Ong, Lecturer, Sunway 1. David Wilkinson, Principal Research Fellow, National Institute of Economic and Social University Business School, Malaysia, Kong Yee Wei, Lecturer, Sunway University Research, UK, Anitha George, Research Fellow, National Institute of Economic and Social Business School, Malaysia, Lee Sung Li, Lecturer, Sunway University Business School, Research, UK & Lucy Stokes, Senior Research Fellow, National Institute of Economic and Malaysia. The Recent Shift of Focus from Foreign Direct Investment (Fdi) to Domestic Social Research, UK. Does Early Education Influence Key Stage 1 (Age 7) Attainment? Direct Investment (Ddi) in Malaysia’s Economic Transformation Programme (Etp): is it Evidence for England form the Millennium Cohort Study. the Right Move? 2. Eleni Kalfa, Ph.D. Student, University of Kent, UK & Matloob Piracha, Lecturer, University of 2. Josue Mbonigaba, Lecturer, University of KwaZulu Natal, South Africa. The Relative Kent, UK. Immigrants’ Job Mismatch and the Penalty of Over-Education. Costs, Health Outcomes and Cost-effectiveness of HIV/AIDS Interventions in Rural and 3. Haizheng Li, Professor, Georgia Institute of Technology, USA &Qinyi Liu, PhD Student, Hunan Urban Areas in South Africa. University, China. Full Time Versus Part Time Students: Does Regular Employment Lowers 3. Peter Mokricka, Assistant, PhD Student, Masaryk University, Czech Republic. Returns to Schooling? Systematization of Investment Certificates. 4. Przemysław Chmielecki, PhD student, Nicolaus Copernicus University in Toruń, Poland. Claims of Business Ideology to University Education.

12:30-13:30 Lunch

3 13:30-15:00 Session IV (Room A): Applied Microeconomics 13:30-15:00 Session V (Room B): Income Distribution Issues Chair: Shunsuke Shinagawa, Research Associate, Waseda University, Japan. Chair: David Wilkinson, Principal Research Fellow, National Institute of Economic and Social Research, UK. 1. Daniel Packey, Professor, Curtin University, Australia & Jose Saavedra-Rosas, 1. Peter Koveos, Professor and Director, Syracuse University, USA & Yimin Zhang, Professor and Professor, Curtin University, Australia. Multiproduct Mine Output and the Case of Dean, University of Shanghai for Science and Technology, China. Income Distribution in China: Mining Water Utilization. Has Reform failed? 2. Arwin Pang, Assistant Professor, Feng Chia University, Taiwan & Jeffrey Englin, 2. Olusegun Akanbi, Associate Professor, University of South Africa, South Africa. Structural and Professor, Arizona State University, USA. Is Outdoor Activity a Luxury Good? A Study Institutional Determinants of Poverty in Sub-Saharan African Countries. of Big Game Hunting for United States. 3. Tadas Gudaitis, Researcher, International Business School at Vilnius University, Lithuania & 3. Gabriela Pasztorova, Junior Researcher, CERGE-EI, Czech Republic. Does Loan Teodoras Medaiskis, Associate Professor, Vilnius University, Lithuania. Assessing the Impact of Maturity Matter in Risk-Based Pricing? Evidence from Consumer Loan Data. (Monday Private Second Pillar Pension in Lithuania. 22 of July 2013) 4. Yasuhiro Nakamoto, Associate Professor, Kyushu Sangyo University, Japan. A Complicated 4. Lonester Sibande, PhD Student, University of Kent, UK, Alastair Bailey, University of Formation of Warm Glow Giving. Kent, UK & Sophia Davidova, University of Kent, UK. Smallholder Farmers’ Market Participation and Transaction Costs: The Impact of Mobile Phones, Radios and Farmer Organisations in Cereals and Legumes Marketing in Malawi. (Monday 22 July 2013)

15:00-16:30 Session VI (Room A): Regional Economics 15:00-16:30 Session VII (Room B): Game Theory Chair: Peter Koveos, Head, Accounting & Finance Research Unit, ATINER & Professor, Chair: Olusegun Akanbi, Associate Professor, University of South Africa, South Africa. Syracuse University, USA. 1. Yuan Zheng, PhD Student, University of Copenhagen, Denmark & Martin Dallimer, 1. Brishti Guha, Assistant Professor, Singapore Management University, Singapore. Professor, University of Copenhagen, Denmark. What Motivates Rural Households To Reinterpreting King Solomon’s Problem: Malice and Mechanism Design. Prepare for Climate Risks? A Case Study of Drought and Hailstorm Prevention as 2. Vasileios Vlaseros, PhD Student, University of Edinburgh, UK. Costly Political Action and Proactive Adaptation in Lijiang, Yunnan, China. Majority Decisions. 2. Funing Zhong, Professor, Nanjing Agricultural University, China & Jing Xiang 3. *Tarek Selim, Professor and Department Chair, American University in Cairo, Egypt. Games Professor, Nanjing Agricultural University, China. Demographic Transition in Rural of Competition: War of Attrition Experiments. China: Implications for Future Economic Growth. 3. Jing Zhu, Professor, Nanjing Agricultural University, China & Wu Guosong, Professor, Nanjing Agricultural University, China. China's Agricultural Trade Policy Mix Adjustments on Agricultural Products. 4. Jan Walkens, Professor, Stenden University, the Netherlands &ShilpaSamplonius, Lecturer, Stenden University, the Netherlands. The Crimping Regions and Employment.

16:30-18:00 Session VIII (Room A): Technology Issues Chair: Brishti Guha, Assistant Professor, Singapore Management University, Singapore. 4 1. Yih-Luan Chyi, Professor, National TsingHua University, Taiwan, Eric S. Lin, Associate Professor, National TsingHua University, Taiwan & Kuei-Yen Liao, Specialist, Council for Economic Planning and Development, Taiwan. R&D Spillover and Patent Production in British, French and German Firms. 2. Oscar Mascarilla-Miro, Lecturer, University of Barcelona, Spain & Montserrat Crespi-Vallbona, Professor, University of Barcelona, Spain. Agglomeration of Firms into Technological Districts: The Case of 22@ Project in Barcelona. 3. Alexander Schiersch, Research Associate, DIW Berlin, Germany, Martin Gornig, DIW Berlin, Germany & Heike Belitz, DIW Berlin, Germany. Is Technical Progress Sectorally Concentrated? An Empirical Analysis for Western European Countries. (Monday 22 July 2013, evening) 21:00–23:00 Greek Night and Dinner (Details during registration) Tuesday 23 July 2013 08:30-10:30 Session IX (Room A): Financial Economics Chair: *Jan Bruha, Researcher, University of Economics, Czech Republic. 1. Yanmin (Edward) Qian, Professor, Zhejiang University, China & Hua Sheng Song, Professor, Zhejiang University, China. Diversification and Corporation Performance: An Empirical Study of Chinese Listed Companies. 2. Indrani Chakraborty, Professor, Institute of Development Studies Kolkata, India. How Does Corruption Influence Corporate Governance? A Cross-Country Perspective. (Tuesday 23 July 2013) 3. Anastasios Gentzoglanis, Professor, University of Sherbrooke, Canada. Technological Changes, Regulation and Privacy and Fraud in the Financial Aggregation Industry. 4. Fernando Mierzejewski, Researcher / Consultant, SAS Institute Inc., Belgium. Actuarial Characterisation of the Cost of Secured Liabilities — with an Interpretation of the Black Monday and the Dot-Com Financial Bubbles. 5. Roberto Santillan, Professor, EGADE Business School, Mexico. An Economic Analysis of the European Financial Turbulence Contagion 2010-2012. 6. Mario Augusto Bertella, Professor, Sao Paulo State University, Brazil. Controversies of the Neoclassical Theory of Finance, the Behavioral Finance and the Agent Based Models. (Tuesday 23 July 2013) 10:30-12:30 Session X (Room A): Applied Microeconomics II 10:30-12:30 Session XI (Room B): Environmental and International Economics Chair: Anastasios Gentzoglanis, Professor, University of Sherbrooke, Canada. Chair: Mihaela-Nona Chilian, Researcher, Institute for Economic Forecasting, Romania. 1. Klaus Schoeler, Professor, University of Potsdam, Germany & Dr. Julia Reilich. 1. Jesper Stage, Professor, Mid Sweden University, Sweden. Living in a Bubble: Potential Gains Regional Returns on Education in Germany. from more Flexible European Water Policies. 2. Luisa Bernat D., Professor, Icesi University, Colombia. Gender wage differences and 2. Chin-Chyuan Tai, Professor, Averett University, USA & Jue-Ling Tai, Professor, Averett labor market segregation in Colombia. Is segregation an issue of concern? University, USA. The Effects of Changes in Macroeconomic Policy and Imported Goods Price 3. Stavroula Malla, Associate Professor, University of Lethbridge, Canada, Jill Hobbs, under Flexible Exchange Rates – Classical Models. Professor, University of Saskatchewan, Canada & Eric Kofi Sogah, Research Assistant, 3. Laura Rovegno, Post-doc Researcher, University of Luxembourg, Luxembourg. Endogenous University of Lethbridge, Canada. Functional Foods Health Benefits and Health Claims. Trade Restrictions and Exporters’ Pricing Behaviour. 4. Nenad Rancic, Assistant Professor, Faculty of Zagreb, Croatia, Meta Ahtik and Ozren 4. *Georges Nehme, Dean of the Faculty of Business Administration, Antonine University, Pilipovic. Economic Analysis of Judical System: Case Study of Croatia and Slovenia. Lebanon & Eliane Nehme, Professor, Antonine University, Lebanon. Competitive Advantage of 5. *Jan Bruha, Researcher, University of Economics, Czech Republic & OtoPotluka, Nations and Multilateral Trade System: How Can Lebanon Benefit from Trade Liberalization Professor, University of Economics, Czech Republic. The Evaluation of the Impact of without Enhancing its Strategic Industries? Operational Program Enterprise and Innovation in the Czech Republic.

12:30-13:30 Lunch

5 13:30-15:00 Session XIII (Room A): Quantitative Analyses Chair: *Georges Nehme, Dean of the Faculty of Business Administration, Antonine University, Lebanon. 1. Mihaela-Nona Chilian, Researcher, Institute for Economic Forecasting, Romania, Cezar Mereuta, Professor, Institute for Economic Forecasting, Romania, Lucian Liviu Albu, Professor, Institute for Economic Forecasting, Romania, Ionut Pandelica, Professor, Institute for Economic Forecasting, Romania & Marioara Iordan, Professor, Institute for Economic Forecasting, Romania. Model for Qualitative Static and Dynamic Evaluation of Performance of the Export Sectors In Romania during 2009-2012. 2. Ying Liu, PhD Student, University of Wollongong, Australia & Kankesu Jayanthakumaran, Lecturer, University of Wollongong, Australia. Economic Growth, Trade, Energy Consumption and Environment in China: A Panel Cointegration Analysis. 3. Bilge Ozluer, Research Assistant, Mimar Sinan Fine Arts University, Turkey & Tuncay Can, Associate Professor, Marmara University, Turkey. Analysis of Intersectoral Relationships with Markov Chains: The Case of Greece. (Tuesday 23 July 2013) 4. Kien C. Tran, Associate Professor, University of Lethbridge, Canada & Efthymios G. Tsionas, Professor, Athens University of Economics and Business, Greece. Functional Coefficient Regression Model with Longitudinal Data and Correlated Errors. 5. Ana Paula Fontainhas Mendes, Senior Economist/Monitoring & Evaluation Manager, Millennium Challenge Accounting, Cape Verde & Mario Augusto Bertella, Professor, Sao Paulo State University, Brazil.Crisis in Sub-Saharan Africa: Stagnation and Decline in the 1980s. (Tuesday 23 July 2013)

15:00-16:30 Session XIV (Room A): Macroeconomics & Other Essays Chair: John Roufagalas, Head, Economics Research Unit, ATINER & Professor, Troy University, USA. 1. Tomohiro Inoue, Assistant Professor, Waseda University, Japan, Shunsuke Shinagawa, Research Associate, Waseda University, Japan, Eiji Tsuzuki, Researcher, Chuo University, Japan &Moto Kamiura, Assistant Professor, Tokyo Dekini University, Japan. Why does a Quantitative Easing Policy Become Ineffective under a Zero Interest Rate? 2. Luis Nunes, PhD Student, University of Minho, Portugal. Analyzing the Crowding-out Effects of Government Intervention on Private Donations. 3. Manuel Jose Sanchez Sanchez, Associate Professor, National University of Distance Education (UNED), Spain. A BVAR-DSGE Model for Forecasting the Spanish Economy. 4. Raul Castanieta Calderon, MpD Student, Universidad Catolica Boliviana San Pablo, Bolivia. The Special Theory of Capital’s Distribution. (Tuesday 23 July 2013)

17:30-20:30 Urban Walk (Details during registration)

21:00-22:00 Dinner (Details during registration)

Wednesday 24 July 2013 Cruise: (Details during registration)

Thursday 2 5 July 2013 Delphi Visit: (Details during registration)